America 2011: The public is having an economic crisis and the politicians are having an election

TF: Right now it's like the public is having an economic crisis and the politicians are having an election. There's almost no overlap between the two groups. It's like they're in a circle and we're in a circle. What that tells you is that the incentives—financial and political—don't correspond to the themes of the country.

Which is why you say the system needs a shock, perhaps from an independent third candidate.

MM: It's not going to correct itself with its own routine procedure. We think an independent candidate probably would not win, but would reveal the existence of a large constituency up for grabs between the Republicans and Democrats, and that would create incentives for each party to try to co-opt those voters by adopting some of those programs.